What are you aiming for?

We get so caught up in running our business we forget to take a step back and look at the bigger picture. For many businesses the thought of annual planning conjures up images of long drawn out meetings, complicated analysis and elaborate planning. It doesn’t have to be complicated, but it does take time and focus.

Take Score

Look at the prior year and do a quick tally of your successes and your losses. Have you celebrated your wins? Do you know how they became wins? What about your losses? Are they really losses or just learning opportunities? Answers to these questions will help you determine the type of business you want in the upcoming year and more importantly the type of business you don’t want. One easy method for B-to-B is to list the clients you have served in the past year and talk about the wins and losses for each. No one has a perfect record, and the best coaches in the world watch the replay of all the games they play.

SWOT Analysis

Take inventory of your business’ Strengths, Weaknesses, Opportunities and Threats. This tool was originated by Albert S. Humphrey in the 1960s and is a simple way to think about your business. Strengths and weaknesses are focused on the internal. Opportunities and threats are about the external influences on your business. To be truly effective, input and feedback from a variety of team members is recommended.

Leadership Calibration

Now that you have taken the time to reflect on the year and have taken an inventory of both internal and external factors, it’s time to review the strategic direction of the business. Has the vision for the business changed? Is there anything in your SWOT analysis that causes you to pause and think, “this could be a major roadblock or a tremendous opportunity?” Has the value proposition for your customers changed? Are there additional markets you want to pursue? The leadership team needs to walk through the findings and agree on the strategic direction.

Write Down Your Goals

Start with high level objectives around financial performance, sales, client engagement, team growth, etc. for the upcoming year. Statements like “We will go from X to Y by WHEN,” can be extremely helpful. Once you agree on the objectives, share them with the team and work with each individual contributor to determine their role in helping achieve the business goals and keep score throughout the year. You will be surprised how much progress will be made when the numbers are being reviewed and measured on a regular basis.

Remember to Focus

The best results come from focus. Allow and encourage your team to walk away from the daily whirlwind so they can concentrate and be involved in building the future. Don’t be afraid to seek outside help or assistance in facilitation. Sometimes another perspective can bring clarity.

Linda Ruffenach

Founder / Chief Strategic Officer at Execuity. Linda is an experienced entrepreneur, skilled facilitator, and bourbon badass. Her 20+ years of C-level experience enables her to relate to the challenges business owners face every day. As the former CEO of a $100 million international enterprise, she has been through almost every stage a company can experience from fast growth, rapid decline, to complete transformation. In addition to running multiple businesses, Linda is Entrepreneur in Residence at the University of Louisville's School of Business, leading and mentoring undergrad and graduate students on their path to business ownership Linda’s superpower is turning strategy into results.